In a Q&A meeting with staff, Meta CEO Mark Zuckerberg told them he was going to turn up the heat on performance goals as the company's growth slows, according to audio of the meeting.
The meeting was told that this might be one of the worst downturns in recent history.
The purse strings are being tightened. According to an internal memo, Facebook was pausing hiring because of lower revenue growth than anticipated.
The company was going to bring in more aggressive targets in order to lose employees who can't meet them.
There are probably a lot of people at the company who shouldn't be here, according to Facebook founder and CEO Mark Zuckerberg.
Some of you might decide that this place isn't for you, and that self-selecting is okay with me, as a result of my hope by raising expectations and having more aggressive goals.
The company had reduced its hiring goal for engineers from 10,000 to 6,000 or 7,000.
According to a memo sent by Chief Product Officer Chris Cox, the company will have to be more ruthless and leaner.
Meta is not the only company bracing itself for a downturn.
In a leaked May memo, Amazon said it would reduce hiring targets in its retail business.
According to an internal June email, Microsoft is cutting hiring targets.
The company will be cutting 3% of its workforce over the next three months, according to Musk.
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